28 Jul 2023 , 09:17 AM
Mumbai-based real estate player, Suraj Estate Developers, has submitted new preliminary papers to the capital markets regulator SEBI for an initial public offering (IPO) aimed at raising Rs 400 crore. The IPO will consist entirely of fresh equity shares and has no offer for sale (OFS) component, as stated in the recently filed draft red herring prospectus (DRHP) on Monday.
The funds raised, approximately Rs 285 crore, will primarily be utilized to repay debt taken by the company and its subsidiaries, Accord Estates, and Iconic Property Developers. Additionally, up to Rs 35 crore will be allocated for land acquisition, with the remaining funds dedicated to general corporate purposes.
With a presence in both residential and commercial real estate, the company has an impressive track record, completing 42 projects covering over 1.05 million square feet in Mumbai as of May 2023. Furthermore, Suraj Estate Developers currently has 11 ongoing projects and 21 upcoming projects in its pipeline.
ITI Capital Ltd and Anand Rathi Advisors Ltd appointed as Lead Managers for the IPO.
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